TPP215: How to be a landlord

We’re very excited to announce that Rob D’s new book came out yesterday and we may be biased, but we think it is his best yet. In this week’s special episode of The Property Podcast, we are going to discuss ‘How to be a landlord’, with tips from the book, and from all sorts of other places.

Also, we have Meetups next week. The evening’s are lighter so there’s no excuse not to join your nearest get together. Find all the details here.

Now, back to this week’s topic; How to be a Landlord. You’ll need to listen to the episode in full to get all of this week’s tips and info, but here are some notes you may want to jot down.

Communicating with tenants:

Writing is better than phone

Do whatever’s easiest for them – WhatsApp group, text, even Facebook

You don’t have to give out your phone number – Skype or switchboardfree

Set out ground rules at the start about when you’re contactable, and stick to them!

Chasing up rent:

Ideally use direct debit – you’ll know it’s set up properly

Diarise rent date and make contact on the same day if it doesn’t come in

Have a process: e.g. text day 1, call day 3, final warning day 5

Don’t fall for sob stories

If you have RGI, make sure you notify them in line with T&Cs

Dealing with emergencies:

Define “emergency”

Instruct tenants about what to do in an emergency. Often, calling you isn’t the best thing to do

Communicate clearly around damp and condensation – explain the difference

Use routine inspections to look for condensation, and also look for early signs of repairs that will need doing (including external)

Inspections:

Quick check of each room

Check smoke alarms

Visually inspect electrics

Look for fire risks

Look for condensation

Look for early signs of repairs that will be needed (including external)

Conclusion:

Work smart, not hard

Use checklists to get the best result every time

Be proactive and stop issues from happening in the first place

Oh, and of course the first thing you need to do is purchase a book that tells you exactly How to be a Landlord, right? Funnily enough, we know just the book.

News story: General Election

Obviously the biggest news story of the week is Rob’s new book but we also gather the Prime Minister has called a snap General Election. We’ll obviously keep you fully up to date over what this means for you in property terms.